The Sanlam Group is strengthening its stake in Saham Assurance Maroc, increasing it from 61.7% to 84.5% of the share capital and voting rights of SAHAM Assurance Maroc, following the acquisition of 22.8% of the shares of Sanam Group for a total amount of 1,241 million dirhams (or 1,320 dirhams per share). This investment is made entirely by the Sanlam Group in foreign currencies. As a reminder, SAHAM Assurance (leader in Non-Life insurance in Morocco, listed on the Casablanca Stock Exchange) had until then been 61.7% owned by Sanlam Pan Africa Maroc, a holding company incorporated under Moroccan law which, in addition to Saham Assurance, controls several insurance companies in North, West and Southern Africa.
This strategic transaction reiterates the Sanlam Group’s confidence in the fundamentals of the Moroccan economy (despite the context of the Covid-19 crisis) as well as in the local business environment more than ever conducive to Foreign Direct Investments (FDI). Through this transaction, Sanlam also expresses its conviction regarding the promising growth prospects of the Insurance market in Morocco and thus intends to further consolidate the Group’s participation in its future development.
In addition, this transaction is also an opportunity to strengthen the strategic partnership initiated several years ago with the Sanam Group which, following this transaction, will become a shareholder of the Sanlam Group by acquiring shares on the market. Indeed, Sanlam expresses its strong attachment to this partnership which will henceforth be raised to a more strategic level in order to allow the Group to benefit from the recognized experience of the Sanam Group and its unparalleled knowledge of the Moroccan local market: “This transaction strengthens our long-standing commitment to the Moroccan market. We look forward to consolidating our foothold and continuing to provide quality service and added value to our customers and partners, “said Heinie Werth, CEO of Sanlam Emerging Markets.
“Morocco and more generally North Africa as well as West Africa remain key markets for Sanlam and this operation is part of our African diversification strategy”, concluded Mr. Werth. For his part, Mr. Said Alj, Chairman of Sanam Holding, declared: “this strategic transaction consolidates the partnership between Sanlam Group and Sanam Holding and breathes new life into the fruitful partnership between our two Groups. Our new investment at the Sanlam group level attests to our confidence in Sanlam. SAHAM Assurance Maroc represents an important part of Sanlam’s portfolio and we will mutually continue to develop it, while helping to strengthen the economic ties between South Africa and the Kingdom of Morocco. It is a new page in the history of our relations with the Sanlam Group which is opening today and which bodes well for a promising future for the insurance ecosystem in Morocco. ”
The Sanlam and Sanam Groups have agreed to strengthen their collaboration in order to support Sanlam on the strategic, economic and commercial aspects of Morocco. Finally, it should be noted that this transaction remains subject to obtaining certain regulatory authorizations in Morocco and South Africa.